Powerfleet’s acquisition of Fleet Complete is expected to close on October 1, 2024, pending customary closing conditions.
Powerfleet, Inc. announced its strategic acquisition of Fleet Complete with the goal of boosting Powerfleet’s position in the AIoT market.
This acquisition will increase the company’s customer base to 2.6 million total combined subscribers with a forecasted combined revenue of $400 million, driving toward “Rule of 40” SaaS financial performance in the medium term.
Adding to Powerfleet’s AIoT SaaS solution for the mobile asset industry, Fleet Complete, which operates in North America, Australia, and Europe, provides essential fleet, asset, and mobile workforce management solutions and a large portfolio of partnerships.
“[The acquisition will] expand the reach of our unique Unity data highway and innovative in-warehouse solutions across the Fleet Complete established subscriber base, creating powerful cross- and up-sell opportunities with existing customers and a compelling value proposition for new customers,” Steve Towe, CEO of Powerfleet, said.
Acquisition Highlights
- Market Leadership: Powerfleet will be able to strengthen its position in the AIoT market as its subscribers will increase to 2.6 million.
- Revenue Growth: Expected combined revenue to surpass $400 million, with $300+ million coming from high-margin SaaS revenue.
- Global Expansion: Powerfleet will leverage Fleet Complete’s established distribution partnerships, particularly in North America and international markets such as Australia and Europe.
- AI Innovation: The addition of Fleet Complete’s AI-powered video solution (FC Vision) will further enhance Powerfleet’s AI capabilities and offerings in data integration, safety, and efficiency.
“Unity’s device-agnostic capabilities, expanding suite of prepackaged third-party system integrations, and advanced AI align seamlessly with the long-term vision for our state-of-the-art FC Hub platform,” Tony Lourakis, CEO of Fleet Complete, said. “The business combination will allow us to deliver deeper insights and enhanced solutions to customers.”
The acquisition is expected to close on October 1, 2024, pending customary closing conditions. Powerfleet plans to hold a fireside chat on or around October 2, 2024, to discuss the transaction details, its rationale, and expected benefits upon its close.
Additionally, Powerfleet and Fleet Complete plan to hold a joint Investor Day on Thursday, November 21, 2024, virtually and on location in New York City.
Stay tuned to Automotive Fleet for more updates.
